For the first time since the 1990s, the EB-5 investor program increased the minimum investment amount to $900,000 from $500,000.
Following the increase, plus 5 percent additional tax would mean that applicants will have to shell out extra $50,000, when they choose to move funds to an escrow account in the US to fulfil their application criterion.
These change to the tax on remittances is an advisory for Indians to carefully plan their tax position before making a move to the US.
Also, people who do not wish to pay this tax at source or rather account for it later can move their funds before the new rule comes into effect, according to a report by the American Bazaar daily.
The EB-5 visa is often used by startups to expand their business into the US market, and a ticket to securing the US Green Card later. The entrepreneurial visa requires applicants to declare an investment and a promise to create at least 10 full-time jobs in the US.
